Jones Corp

question 21

Multiple Choice

Jones Corp. is a business concern in the process of being set up. Benito, its promoter has entered into preincorporation contracts. After the corporation comes into existence, Benito can be released from liability on the preincorporation contracts through:

• A) an agreement with Jones Corp., wherein Jones Corp. agrees that it will be substituted for Benito.
• B) an agreement with the third party before adoption of the preincorporation agreement.
• C) an agreement with Jones Corp., Benito, and their third party, wherein all agree that Jones Corp. will be substituted for Benito.
• D) another preincorporation contract with the third party.

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